Overnight News: #Metals, #Energy, Financials

Jun E-mini stock futures are down -2.25 points (-0.11%) and European stocks are down -0.46% as weakness in crude oil and copper prices undercuts energy producers and mining stocks.  An unexpected decline in German Apr IFO business confidence was another negative factor for European stocks.  China’s Shanghai Composite closed down -0.42% lower as material companies fell after commodity exchanges in Zhengzhou and Dalian announced late Friday that they will raise margin requirements on futures contracts of cotton and thermal coal.  Recent signs of improvement in growth in China has led to increased speculation in commodity markets.  Japan’s Nikkei Stock Index fell back from a 2-3/4 month high and closed down -0.76 % as exporter stocks declined after USD/JPY retreated from a 3-week high and moved lower.  The dollar index is down -0.23% and Jun T-notes are up +3 ticks.

The German Apr IFO business climate unexpectedly fell -0.1 to 106.6, weaker than expectations of +0.4 to 107.1.  The Apr IFO current assessment fell -0.6 to 113.2, weaker than expectations of no change at 113.8.  Apr IFO expectations rose +0.4 to 100.4, weaker than expectations of +0.9 to 100.9. 

The UK Apr CBI trends total orders unexpectedly rose +3 to -11, stronger than expectations of -3 to -17.  The Apr CBI trends selling prices rose +5 to 4, the highest in 13 months.  UK Apr CBI business optimism fell -1 to -5.

The Japan Feb leading index CI was revised downward to 96.8 from the previously reported 99.8, the lowest in 6 years.  The Feb coincident index was revised upward to 110.7 from the previously reported 110.3.